Top 5 OCR Applications Use Cases in 2021
More than half of business organizations are prioritizing machine learning, AI, and cognitive learning in their information technology budgets. Not only this, but a significant number of organizations are also claiming that ML and AI are playing an important role in the progression of their businesses. Additionally, these processes are enhancing their businesses more than they thought they would.
Technological innovations are advancing by leaps and bounds in the modern age. The rate at which technological innovations are enhancing is equally proportional to the rate at which cybercriminals are adopting heinous tactics.
Why The Need For OCR Application?
Cybercriminals are taking advantage of advancements in AI such as adopting sophisticated techniques. These measures are adopted to gain control over unauthorized networks in the financial industries. Identity theft since COVID-19 has seen an increase of 43 percent globally. Considering the rise of identity thefts, frauds, and scams, many organizations now value audibility, security, and governance over all other issues. They also believe that all corporate sectors dealing in monetary transactions or not must adopt innovative technologies such as real-time ID document verification services, OCR applications, ICR technology, and biometric recognition technology. Hence preventing counterfeits, frauds, scams, money laundering activities, and terrorist financing.
A Brief History of OCR Technology
Optical Character Recognition (OCR) is a technological advancement that is an efficient and effective solution for businesses wanting to automate data extraction. OCR app scans the text and automatically separates the text from the white spaces. The white spaces are then ruled out and the text is converted into a machine-readable format. The format is then used for text collections, analysis, and processing.
OCR technology now has a sub-category known as ICR application. ICR technology can read cursive handwriting too which OCR cannot. But in terms of accuracy, OCR is still better because ICR technology is still in the learning phase.
Let’s look at some of the use cases of OCR document scanner applications that prove to be useful in every institution to deter fraud.
Identity verification is something that cannot be neglected on behalf of businesses that deal with monetary transactions and sensitive data. It is essential for all individuals to provide their identity details accurately and completely. Especially when opening a new bank account or accessing a membership card. Documents that can be scanned through OCR applications are driving licenses, passports, government-issued ID cards, utility bills, and much more. The scanning of documents can be performed by anyone such as police officers, airports, and translation applications. OCR services have the ability to extract exact information to streamline data extraction of personal details.
Law and Order documents
Legal documents are complex documents that have sophisticated details. These details cannot be missed at any cost or the client may face the consequences. For such purposes, organizing the legal documents is essential to minimize time spent searching for information from those documents. Fortunately, lawyers and officials can use OCR applications to extract complicated data and store it in digital format. The information extracted can then be efficiently and effectively organized. The documents can be categorized and searched through name, date, filename, etc.
The incorporation of AI-recognition technology in law firms can help them cut down manpower costs such as hiring assistants for basic tasks.
All organizations have documents that need the processing of invoices. Invoices all around the world do not have a single format and have different types of fonts, styles and even include handwritten text. Other than invoices, there are multiple other forms and documents that are either handwritten or are printed documents, PDF, JPG, etc. The processing of these documents on the digital platform is an unending task. Additionally, manual data entry is prone to error.
OCR scanner is a promising application that aims to reduce the time taken to extract information through machine learning and artificial intelligence. It has an efficient conversion rate and has a tremendous rate of accuracy. OCR application is becoming the most trending futuristic technology with the passage of time.
Translating different languages
Other than mitigating fraud, OCR technology is being widely adopted in translation apps. Translation applications use OCR technology to recognize text in the foreign language and then the app converts it into the desired language. Many people when traveling abroad are using translation applications to read signboards, restaurant menus, and even build conversations through it.
The incorporation of OCR applications and services is beneficial for all organizations and businesses. OCR solutions provide interpretation in multiple languages such as Arabic, Chinese, Latin, and much more. Considering the fact that businesses deal with multiple types of data and information, organizations must adopt state-of-the-art technologies to combat frauds, scams, and threats.